MIT Solve invests $900,000 in Kenyan e-health startup
MIT Solve has made one of its first investments
in partnership with FLUTTERWAVE, RENSOURCE ENERGY & LEXINTON 26.05.2020
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FUNDING
MIT Solve, an initiative of the Massachusetts Institute of technology has invested in the Kenyan health startup, Acess Afya. Its $900,000 investment in Access Afya is one of its first investments in its mission to solve world challenges. According to Disrupt Africa: "Launched by Solve last year, Solve Innovation Future is a philanthropic venture vehicle that uses debt, equity, and alternative structures to invest in entrepreneurs driving social and environmental impact." "Startups are selected annually through Solve’s open innovation challenges, and backed with amounts ranging from US$75,000 to US$250,000. The initiative has announced its first three investments, and among them is the Nairobi-based Access Afya, which has raised US$90,000 from Solve as part of a US$900,000 bridge financing round."
VENTURE FUNDING

Despite the global COVID-19 pandemic, African startups did well in terms of funding in Q1 2020. While this a broad positive, TechCabal's Kay Ugwuede looks at how women-led companies across the continent have fared in Q1. Although funding is hardly a metric that shows how well a startup is doing, it is still worth looking at. Here's an excerpt from Kay's article: "According to a new Britter Bridges report, of all the monies raised in Q1 2020, startups led by women were able to raise only 3.2% of the total. In Q1 2019, they raised 5.7%."

COVID-19
In Kenya, the healthcare incubator and investor Villgro Kenya has awarded $150,000 in grant to 12 East African startups helping in the fight against COVID-19. According to TechTrends KE: "The grant will go towards product development, scaling up production to meet local and regional demand, and improving systems to ensure more people get access to quality and affordable healthcare during the pandemic."
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